The average, or effective, fed funds rate traded in a range of 0.33 percent to 0.53 percent with $73 billion in this type of interbank loan changing hands.
On Tuesday, the fed funds rate traded in a range of 0.35 percent to 0.50 percent with $74 billion changing hands.
Meanwhile, the Fed's overnight bank funding rate was 0.37 percent for a ninth day on Wednesday.
This rate is calculated using fed funds and certain Eurodollar transactions, intended as a broader measure of unsecured borrowing in U.S. money markets.
These transactions changed hands in a range of 0.15 percent to 0.43 percent on Wednesday, compared with Tuesday's range of 0.29 percent to 0.43 percent.
The New York Fed said Wednesday's rate was based on $289 billion worth of loans, compared with $300 billion on Tuesday.